
TR Capital
6th Floor, 8 Wyndham Street, Central, Hong Kong
Overview
TR Capital is an Asian private equity company focused on mid-market secondary investments.
- Total investments
- 6
- Lead investments
- 2
- Investments · 12mo
- 2
- Active investors
- 2
Investment portfolio
- MoEngage
Participated · Series F · Dec 2025
MoEngage offers a unified engagement suite that lets marketing and product teams analyze customer behavior and trigger personalized outreach across web, mobile, email, social, and messaging channels. Its Merlin AI agents accelerate campaign design and optimize conversions, while new modules such as MoEngage Analytics and MoEngage Inform extend capabilities to product analytics and high-reliability transactional messaging. The platform is trusted by more than 1,350 global brands—including 7-Eleven, Starbucks, Samsung, and Domino’s—and touches over 2 billion consumers each month in 75 countries. Headquartered in Bengaluru and San Francisco, the company has seen strong traction in North America, EMEA, Southeast Asia, and ANZ. Future plans include deeper AI innovation, expanded go-to-market teams in core geographies, and strategic acquisitions to enhance the product stack. Revenue figures were not disclosed, but the firm’s disciplined operating model and rapid U.S. execution were highlighted by new investors. To recognize contributors, MoEngage has conducted two employee liquidity programs, the latest totaling $15 million for 259 current and former staff.
- Fibe
Participated · Series F · Dec 2025
Founded in 2015 by CEO Akshay Mehrotra and CFO Ashish Goyal, Fibe (formerly EarlySalary) operates an online consumer lending platform that provides personal loans, longer-tenor loans, loans secured by mutual funds, and digital fixed-deposit products. The company targets impact-driven segments such as healthcare, education, and renewable energy while also serving general consumer credit needs. Fibe has maintained four consecutive years of profitability, distinguishing itself from many peers in the consumer fintech space. To date, the firm has secured more than $266 million in total equity capital. Its backers include IFC, Amara Partners, TR Capital, Trifecta Capital, TPG Rise Fund, and Norwest Venture Partners. The fresh capital is earmarked to broaden the product suite and create a unified experience across borrowing, saving, investing, and payments. Headquartered in Pune, the company positions itself as a full-spectrum financial services provider for India’s emerging middle class.
- Oatside
Participated · Series B · Sep 2024
Oatside is a Singapore-based producer of full-fat oat milk founded in 2020 by Benedict Lim, a former CFO of Kraft Heinz Indonesia. It manufactures oat milk at a production facility in Bandung using roasted Australian oats formulated for Asian tastes with a distinctive malt flavor. The company sells products in 18 countries including Singapore, Indonesia, Malaysia, South Korea, Thailand, Taiwan, Hong Kong, the Philippines and India. Oatside has expanded its portfolio into three ice cream variants and flavored oat milks such as Mocha, Salted Caramel, and recently a Chocolate Malt product. The business grew roughly 3x in 2023 to more than $37 million, while losses narrowed by 59% to about $1 million. Oatside is pursuing further geographic expansion and product rollouts after previously raising a $65.6 million Series A in 2022.
- Lenskart
Participated · Equity · May 2021
Lenskart operates as a multi-category eyewear retailer, offering prescription eyeglasses, sunglasses and contact lenses under its own brand. The company caters to customers looking for affordable and stylish vision-care products. In preparation for its public listing, Lenskart has set an IPO price band of ₹382–₹402 per share. Ahead of the IPO, it has already secured significant capital through an anchor allocation, reflecting institutional confidence in the business. While detailed revenue or user metrics were not disclosed, the sizable anchor book suggests robust market interest and expectations for continued growth. The upcoming IPO will provide additional capital for expansion and operational initiatives once the public issue is completed.
- Urban Ladder
Led · Equity · Apr 2015
Urban Ladder operates an online furniture and home-decor portal under Urban Ladder Home Decor Solutions Pvt. Ltd. Bangalore-based, the company has raised close to $76 million to date, according to VCCEdge. In June it secured $3 million in venture debt from Trifecta Capital to meet working capital needs. The funding was recorded as a cash transaction and structured in lieu of a mix of non-convertible debentures and compulsorily convertible preference shares. The raise reflects a broader trend of startups turning to venture debt amid a slowdown in equity fundraising because it typically costs less and avoids founder dilution. Email queries to co-founders Rajiv Srivatsa and Ashish Goel did not elicit a response at the time of the report. Urban Ladder is an e-commerce store focused on furniture and home accessories and is described in the article as India’s largest online seller in that category. Founded in July 2012, the site lists about 4,000 products across more than 35 categories. The company said it will use the new capital to improve its technology, including better product images and easier mobile browsing and purchasing, according to co‑founder and COO Rajiv Srivatsa. Urban Ladder plans to expand into 30 cities by the end of the year and add new categories to its catalog. The company positions itself as highly design‑focused with a curated range to differentiate from other online furniture sellers. The article situates the raise amid renewed VC interest in furniture e‑commerce and expectations of a recovery in India’s housing market. Urban Ladder is an online furniture retailer that provides curated home solutions. Launched in July 2012 and co-founded by Ashish Goel (CEO) and Rajiv Srivatsa (COO), the company serves Bangalore, Delhi, Mumbai, Chennai and Pune. It offers close to 25 furniture categories and more than 500 products, including beds, sofas, dining tables and coffee tables. The company plans to expand product categories and reach additional Indian cities to establish itself as a leading destination for furniture shopping. Urban Ladder aims to be the largest furniture store, online or offline, in India within 18–20 months and intends to use funding to strengthen customer service and its technology platform. Financially, the company has raised a $5 million Series A and had previously raised $1 million from Kalaari Capital. UrbanLadder is an online furniture shop run by Bangalore-based Descasa Decor Online Pvt Ltd. The company sells furniture through its website UrbanLadder.com. It has raised $1 million in its first round of funding from IndoUS Venture Partners. The company said it will use the funds to strengthen the team, build customer service infrastructure and invest in technology. The article does not disclose revenue, user numbers, or other operating metrics.
Team
Paul Robine
Founder & Chief Executive Officer
Norbert Fernandes
Director
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